The Financial Conduct Authority (FCA) of the United Kingdom has granted Electronic Money Institution (EMI) licences to Volt and Enfuce, two rapidly emerging fintech companies.

It implies that the two will be able to carry on with their thrilling missions of growth, reach out to new clients, and improve their line of products.

The CEO of Volt, Tom Greenwood, says, "I'm delighted we've been granted our EMI licence from the FCA. The UK and Europe are integral markets for our business." "We are able to grow our business even more with this licence."

Co-Founder and Co-CEO of Enfuce Denise Johansson referred to the UK's EMI licence as a "huge step forward."

"Our goal has been to increase our presence throughout Europe and the world from the beginning," she continues. One of our main markets in this endeavor is the UK.

Volt's incredible expansion keeps going

With the help of its license, Volt will be able to improve Connect, its cash management solution, which is now used to provide virtual accounts to retailers. Customers of merchants pay their bills through these accounts, which also offer real-time payment confirmation and give retailers visibility and control over the whole payment lifecycle.

The leader in international real-time payments will also be able to provide virtual accounts on their own. These accounts, which are anticipated to launch soon, will be ideal for businesses that need to manage money and intricate reconciliation procedures but do not necessarily require payment initiation functionality at the point of sale. One example of such an enterprise would be international online travel agencies, which must initiate large payouts to local suppliers across multiple jurisdictions.

According to a recent Bottomline study, 50% of UK businesses stated that the biggest obstacles to processing payments are a lack of payment visibility and too little control over the process.

Volt's merchants can now track the status of payments more easily—a feature not possible with conventional bank transfers—and determine the exact moment at which bank issues or delays occur.

According to Greenwood, "it allows us to not only expand our product line but also modify and improve our wide range of business offerings by turning into an account provider and payment initiator as well."

"Several of our important clients have already benefited from the capabilities the license offers."

Securing this EMI license coincides with Volt's significant expansion. The firm recently hired Irina Chuchkina as its first CMO, who will assist lead the company's worldwide marketing strategy and build its brand. Volt has also declared that it will expand even further by starting in Australia.

Enfuce becomes the entire payment process's master processor. Enfuce is now one of the few Nordic businesses to receive an EMI license from the FCA.

The Finnish company is now in a good position to offer direct electronic money services, card issuance, and payment solutions to both new and current UK clients.

With complete control over the payment process, Enfuce will guarantee a smooth onboarding process and offer UK clients a full solution that is even more scalable, safe, and efficient.

It is a significant milestone for Enfuce's ongoing development into the UK and comes less than two years after the company's original launch there. Thus far, the business has been successful in forging important strategic alliances with well-known fintech and finserv organizations, such as Science Card, a neobank startup, and Funding Circle, the top platform for small businesses.

Obtaining a UK EMI licence is evidence of Enfuce's commitment to the strictest regulatory compliance standards, which it has prioritized from the start by putting in place cutting-edge infrastructure, processing payments in the public cloud for the first time, and carrying out frequent audits and monitoring.

Monika Liikamaa, co-founder and co-CEO of Enfuce Group, continues, "Our commitment to delivering the best products and services for our clients is driven by our Nordic values of collaboration, customer-centricity, and integrity."

"We can really offer our current and future partners throughout the UK the whole Enfuce experience with the FCA's license, enabling them to realize the full potential of their card payments solutions."